Kempen Lux Euro Sustainable Credit Fund - Class I

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. The Fund may invest a small part in credits that are not included in the benchmark.

The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating. The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

In the interest of the shareholders it has been decided to soft open the Fund as per 28 June 2018. As per June 2018 the Fund will continue to accept daily inflow below EUR 10 million from all investors. For investments greater than EUR 10 million please contact the Fund’s relationship manager. Redemptions will still be possible. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

 

       

Management team

Alain van der Heijden, Harold van Acht

Performance per 2020-12-31 (rebased)

No chart data available

Performance per 2020-12-31

Slide to see more
  Fund Benchmark
1 month 0.2 % 0.2 %
3 months 1.9 % 2.0 %
This year 3.6 % 2.7 %
2019 2.2 % 2.4 %
1 year (on annual basis) 3.6 % 2.7 %
Since inception (on annual basis) i 3.6 % 3.1 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

Slide to see more
Total fund size
EUR 1,057.23 M 2020-12-31
Share class size
EUR 508.48 M 2020-12-31
Number of shares
479,379 2020-12-31
Net Asset Value i
EUR 1,059.28 2021-01-14
Turnover rate
227.38 %
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2020-12-31

Slide to see more
  Fund Benchmark
Number of holdings 292 3118
Duration i 5.3 5.3
Yield to maturity 0.4 %
Weighted rating A- A-
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2020-12-31

In December, the spread on the iBoxx Euro Corporate Index tightened by 2 basis points to 100 basis points above the government bond curve and 72 basis points over de swap curve. The index earned an absolute return of +0.15%. German 10-year government bond yields closed December at -0.61%, representing a decrease of 4 basis points compared to the end of November.

In December we saw a further increase in negative COVID related headlines. The increase in infections in most western economies resulted in stricter lockdowns in most European countries and the US. Although these lockdowns will have a negative impact on the economic growth expectations for the months to come, the market continued to focus on the hope that the roll-out of the vaccination program will result in a normalization of economic activity in Q2. On the vaccine front there was positive news with most countries starting vaccination programs by the end of December, after vaccines of Pfizer/BioNTech were approved in the UK, EU and US. Also the Moderna vaccine has been approved in the US, and the UK was the first to approve the Oxford/AstraZeneca vaccine. This will result in a gradual increase in vaccinations in the months to come. New mutations of the virus had a temporary negative impact on markets due to the fear that this might increase the duration of lock-downs or result in lower vaccine efficacy rates. Despite the impact of the lock-downs on mainly the services sector, the manufacturing sectors continue to perform very well. This is largely driven by ongoing strong demand for consumption goods.

We expect a stronger and more permanent recovery later this year as bigger parts of the population will get the vaccine and social distancing measures will gradually be removed. The big question remains how quickly populations will be vaccinated particularly among vulnerable groups. If these groups can be vaccinated quickly that could pave the way for a gradual easing of restrictions. In some of the more advanced countries like the US and UK 1% of the population received the first dose. However, markets are likely to be closely watching any issues with Covid-19 or the vaccine rollout, not least given the new variants that have been found in the UK and South Africa which spread more rapidly and have been found in increasing numbers of countries.

On Christmas eve there was the announcement of an agreement made on the post Brexit trade deal between the UK and EU. This removed one of the tail risks for financial markets and averted the prospect of punitive tariffs and a chaotic non-deal split between the EU and the UK. Some issues are still far from settled and the agreement contains several review clauses that either side can periodically re-negotiate. Also little clarity is offered for financial firms and access for financial services will be the subject of discussion between the UK and EU in 2021.

In the US there was also agreement on a new Coid-19 relief package. On December 28 president Trump signed the stimulus bill into law that will release $ 900 billion in emergency relief funds into the US economy.

On the monetary front there was further positive news from the ECB. Last month the ECB announced a further extension of the PEPP program until March 2022 and an increase in size by € 500 billion. Also the APP continuous with € 20 billion per month. The earlier announced additional APP envelope of € 120 billion has been utilized. Taking into account the remaining PEPP and APP capacity the ECB will have ~ € 1.4 trillion of net buying capacity until the end of March 2022 and ~€ 1.1 trillion for 2021. This is more or less similar to what they did in 2020. The ECB did note that: "if favorable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full." This creates some flexibility to scale down purchases when they are no longer needed, but central banks are likely to be rather safe than sorry and more willing to overshoot, especially in the context of weak inflation.

There was little news on the corporate front. The positive vaccine news and Brexit deal seemed largely priced in and did not move the market significantly. Despite the apparent good news on vaccines the most Covid exposed names underperformed a bit due to further restrictions being put in place.
During the month, bonds from companies operating in the automobiles & parts and basic resources sector slightly outperformed. Companies in the retail sector slightly underperformed. But overall the differences between sectors were very limited. Over the full year 2020 basic resources was the best performing sector with spreads tightening 16 bps whilst the oil & gas sector was the worst performing sector widening 31 bps. Overall corporate spreads were only 4 bps wider than at the start of the year.

The supply of new bonds in December was limited. Non-financials issued € 8.6 billion in new bonds. In financials the issuance was even lower with € 3 billion in new issues coming to the market. Given higher levels of redemptions the net supply in December was € 8 billion negative for both categories combined. Total gross supply for the corporate sector ended the year at € 441 billion. This was 49 billion higher compared to last year. Financial issuance was € 36 billion lower than last year with a total amount of € 232 billion issued in 2020. The lower financials supply was mainly as a result of TLTRO offerings by the ECB and high deposit inflow. The one segment that is clearly up compared to last year is the supply in corporate hybrids. This supply more than doubled since last year to € 42 billion as more companies looked to issue hybrid bonds to support their credit profiles.

During the month, the portfolio’s sensitivity to market trends varied between 105% and 110%. The portfolio therefore held an overweight positioning in terms of market risk.

Our positioning in telecommunications, infrastructure and chemicals performed relatively well in December. Our liquidity position, in the form of cash and government bonds, detracted from performance.

At individual company level, positive contributions came from the overweight in Total, Verizon and Telefonica. Our overweight in Abertis and Frankfurt Airport continued to benefit from the ongoing positive sentiment around infrastructure assets despite more lock downs being implemented hurting airport and toll road traffic.

In contrast, the underweights in General Electric and short maturity bonds of Bank of America contributed negatively.

In December the Fund did not participate in any new issues as they lacked new issue premiums due to strong demand.

Outlook
We remain mildly constructive on the market. Although we see the significant positive effect that a working vaccine will progressively have on the economy in the longer term, we do remain concerned on the near term economic growth expectations. We expect economic growth momentum to continue to be weak in the near term, but have a positive view on a 3-6 month horizon with a strong recovery expected in Q2. Companies remain very much bond holder focussed. This supports the fundamental quality. However after the rally in the 4th quarter of 2020 valuations are starting to look expensive. Finally, the technical backdrop still remains very robust as a result of the ECB’s willingness and ability to pump liquidity into the government and corporate bond markets and limited net supply.

Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2020-12-31 (rebased)

No chart data available

Performance per 2020-12-31

Slide to see more
  Fund Benchmark
1 month 0.2 % 0.2 %
3 months 1.9 % 2.0 %
This year 3.6 % 2.7 %
2019 2.2 % 2.4 %
1 year (on annual basis) 3.6 % 2.7 %
Since inception (on annual basis) i 3.6 % 3.1 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
No
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Maturity profile (2020-12-31)

Fund
Benchmark
25.9 %
5-7 year
22.4 %
21.1 %
3-5 year
25.5 %
20.0 %
0-3 year
24.4 %
17.7 %
7-10 year
17.2 %
11.9 %
> 10 year
10.4 %
3.3 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-12-31)

29.5 %
Banks
12.8 %
Consumer Goods & Services
11.1 %
Utilities
10.3 %
Telecom & Technology
8.3 %
Financial Services & Real estate
7.8 %
Industry
7.7 %
Health Care
4.0 %
Insurance
3.3 %
Other
2.2 %
Sovereign bonds
1.9 %
Energy
1.1 %
Basic Materials
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-12-31)

Fund
Benchmark
2.2 %
AAA
0.4 %
5.0 %
AA
10.0 %
38.3 %
A
38.6 %
46.0 %
BBB
51.0 %
4.6 %
BB
0.0 %
0.6 %
Not Rated
0.0 %
3.3 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2020-12-31)

1.5 %
0.375% KFW 2015-30
1.2 %
0.000% BMW Finance 2020-23
1.2 %
1.600% AT&T 2020-28
1.2 %
1.500% Enexis 2015-23
1.0 %
0.736% Bank of America 2017-22
0.9 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
1.950% American Honda 2020-24
0.9 %
1.090% JP Morgan Chase 2019-27
0.9 %
2.250% Veolia Env. 2020-2169 PERP
Total
10.6 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

Slide to see more
Management fee i
0.32 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,43 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

Slide to see more
Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2019-05-14
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Germany, Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

Slide to see more
Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0986646882
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's vision and mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.6

Â

To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

Â

Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

Â

Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.  Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

The Kempen climate change policy can be found here (under climate change policy).

Â

[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen (Lux) Euro Sustainable Credit Fund primarily aims to generate a long-term return in excess of the Markit iBoxx Euro Corporates Index (the “Benchmark”), comprising capital growth and income, by investing in corporate bonds issued by companies which comply with strict sustainability criteria.

Â

We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[2].

Â

Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

Â

[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

Â

Exclusion & Avoidance

In line with the general Kempen policy, the Kempen (Lux) Euro Sustainable Credit Fund excludes all companies on the KCM Exclusion- or Avoidance list.

Â

Companies that ‘Fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded.

Â

Companies scoring an MSCI ESG rating CCC are excluded. Companies that score a MSCI ESG rating of B are excluded on a comply or explain basis.

Â

The Kempen (Lux) Euro Sustainable Credit Fund also excludes companies based on additional sustainability criteria as listed in the table below.

Â

More information on our exclusion criteria and thresholds can be found here.

Â

EXCLUSION CRITERIA FOR KEMPEN SUSTAINABLE GLOBAL HIGH DIVIDEND FUND

Â

KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Corporate conduct

Â

Â

x     Human rights

V

Â

x     Labour rights

V

Â

x     Environment

V

Â

x     Anti-corruption

V

Â

Product involvement

Â

Â

x     Controversial weapons

V

Â

x     Tobacco

V

Â

x     Thermal Coal

V

Â

x     Tar Sands

V

Â

x     Adult Entertainment

Â

V

x     Alcohol

Â

V

x     Animal welfare & GMO

Â

V

x     Gambling

Â

V

x     Nuclear power

       generation

Â

V

x     Carbon-intensive

       power generation

Â

V

x     (Un)conventional

       oil & gas extraction

Â

V

x     Weaponry

Â

V

Â

Â

ESG Integration

The assessment of companies’ ESG profiles is an integral part of our investment process. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure.

Â

A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

Â

On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers.

Â

Active Ownership

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

Â

Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

Â

Engagement examples can be found here

Risks

For more information about the mid and long term risks associated with the investments:

Â

--------------------------

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Febelfin
Label ISR
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.